Falling rupee lifts gold to a new peak of Rs32,975 per 10 gm
27 Nov 2012
Gold prices set a new record of Rs32,975 per 10 gm in the Delhi bullion market today on the back of a firmer dollar and brisk seasonal buying.
The rupee, which has been falling for the fifth day in a row today, lost 22 paise and ended at 55.73 against the US dollar following sustained buying by importers and banks.
Rising capital inflows and a steady dollar overseas failed to stem the appreciation of the dollar as the demand was so strong, dealers said.
Gold 99.9 and 99.5 per cent purity gained Rs25 each at Rs32,975 and Rs32,775 per 10 gm, respectively, to hit a historic high. Gold sovereigns also rose Rs50 to hit Rs25,700 per piece (8 gm).
Gold has been gaining over the past five days amidst the hammering of the Indian currency. Gold gained Rs575 during the last five trading sessions helped by brisk marriage season demand.
Silver, on the other hand, declined by Rs200 to Rs63,000 per kg. Silver ready declined by Rs200 to Rs63,000 per kg while weekly delivery moved up by Rs230 to Rs64,090 per kg.
